updates
How do I pay my KRA tax minimum?
If paying through Mobile Money, use the KRA Mpesa Paybill Number as 572572 and the account number as the Payment Registration Number, which is below the P...
Category: Updates
updates
Can I take a standard deduction and still write off business expenses?
It is important to note that only business-related expenses from the Schedule C can be deducted while taking the standard deduction on your form 1040. Thi...
updates
What should I ask my future husband?
12 Questions You Probably Haven’t Asked Your Future Spouse But Should How much alone time do you need? If we won $5,000, how would you want to spend it? A...
updates
When to file a s Corp tax return?
Today, there are two paths. If we can file the S Corp tax return (Form 1120S) by March 15, then we send off the Form 2553, wait for the IRS to approve and...
updates
Can a surviving spouse disclaim an IRA?
Generally, a beneficiary disclaiming an inherited IRA is pretty straightforward – spelled out in Internal Revenue Code §2518, as long as the primary benef...
updates
How does cash renting farmland work?
Cash-Rent Lease: This is where the tenant usually pays a fixed dollar amount in rent (either on a per acre or whole farm basis). The downside (or upside –...
updates
Do I qualify for elderly credit?
Eligibility Requirements To qualify for the senior tax credit, an individual must: Be 65 or older by the end of the tax year (if younger, the individual m...
updates
Can you write off owed taxes?
Generally, individual taxpayers who itemize their deductions can deduct state or local taxes in the year they are paid. If you owe money to the IRS and ar...
updates
When do you have to file tax return for single member LLC?
A single member LLC (that is, an LLC with only one owner) is taxed like a sole proprietorship, using Schedule C to calculate net income, so the tax return...
updates
How do I declare residency in Massachusetts?
Residency. There is no formal procedure for establishing a legal residence in Massachusetts. Voter registration, automobile registration, a driver’s licen...
updates
What is the SALT deduction for 2020?
The Joint Committee on Taxation (JCT) estimated that the deduction for state and local taxes paid would cost the federal government $24.4 billion for 2020...
updates
How are wages reported to a nonresident alien?
Payroll offices must report wages paid to a NONRESIDENT ALIEN which are exempt under a tax treaty on Form 1042 and Form 1042-S. Any additional wages paid ...
updates
What is TaxAct Deluxe?
Deluxe: $44.95. The Deluxe package allows you to file for those childcare expense credits, along with credits and deductions for homeowners, health saving...
